Now that there seems to be a pullback in a US shooting war
with China we can take a deep breath and soldier on, unless of course, the
Russia and Ukraine war of words over who controls the waters of the Kerch
Strait starts World War Three. Otherwise
we can continue the exploration of how a simple change in the way our formally
public Bank of Canada might be rescued from its capture by the international
private banking systems. As I have
mentioned before, it was under Pierre Trudeau’s watch that our public banking system
went private. When it was public, all
capital expenditures such as construction, highways, dams and railways were serviced
at little or no interest by our public Bank of Canada. This was what the bank was created for in the
first place. An excellent history of
this transition from Canadian public banking to private banking is recounted by Joyce Nelson in her book: Beyond Banksters, Resisting the New
Feudalism. This slender paper back
volume is written with clarity in plain English. For all who are curious about how our public
bank was whisked out from under us by international financiers and replaced by
the private banks that are swindling us daily, this is a valuable book. It also informs us about an organization named
COMER (Committee on Monetary and Economic Reform) that is affording us some
hope of getting our public Bank of Canada back.
The Comer committee has launched constitutional challenges
to the way that the Bank of Canada was arbitrarily changed from that of a public
bank to one subject to the private international banking system. In her book, Nelson tries to give Trudeau some
slack by suggesting that he may not have been aware, or fully aware, of how
this transitioning from public to private banking would affect the Canadian
economy. I rather disagree on this
point. Pierre Trudeau was a very smart
man. He must have known that the private
international banking systems highly favoured austerity measures for the
people. They even said so. This would
keep inflation in check, they claimed.
Now the private banks globally suck money from cut and demolished social
programs that benefit ordinary people into their own coffers along with
compound interest on the loans. So how
are the legal Comer challenges coming along?
Not so good, at least on the legal front. On May 31, 2017
Comer released a statement advising that the Supreme Court of Canada refused to
hear the case of the people who want our public banking system back as opposed
to the blood sucking private international banks, on the grounds that it was a
political matter. Okay, so let’s get political.
If more Canadians learn that we do have a public banking system that
would release us from our ever growing public debt, wouldn’t they be in favour
of getting this kind of banking system reinstated? We should start asking politicians what they
know about our history of public banking, and what do they think about trying
to reinstate our public Bank of Canada.
And we might start with Justin Trudeau.
He is, at the moment, going down the rabbit hole of another kind of investment
bank for public funds. Private, of course.
Like father, like son. Next time.